The Loot

So I executed the book binge yesterday. In two phases – first at the “main” Landmark at the Forum and then at the “other” Landmark at Swagath Garuda Mall. Technically the binge is incomplete since I still have another Rs.600 to spend but it’s unlikely I’ll be spending that off soon, so for all practical purposes we can take the binge to be complete.

While book-shopping yesterday I was thinking about the various Landmark stores I’ve been to, and how the Landmark at the Forum is the worst of them all, with the one at Spencer’s Plaza in Madras (which I last visited seven years back) coming second. The problem with these two stores is that they are in otherwise popular malls. What this does is that it attracts casual browsers to just check out the mall and makes the browsing experience more painful for the serious browsers.

On the other hand, the Landmark stores in Nungambakkam, Gurgaon (Grand Mall) and Garuda Swagath Mall are either standalone or situated in malls which are otherwise not too popular. And precisely for this reason, the crowd at these stores is significantly superior. You get your space to browse without being asked to make way for passerby, you can actually sit down going through a book and deciding whether to buy it. The store staff, who are much less hassled, are far more courteous and helpful. And if you happen to pick up a conversation with another browser, it is likely to be much better than at the more popular malls.

This presents an interesting problem for the bookshop-owners regarding location. Do they put the bookshop in a popular mall and thus maximize footfalls? Or do they locate their shops in lesser malls or on high streets hoping to attract better “quality” of footfalls which might actually result in better sales? Keeping the shop in a popular mall attracts more casual browsers and if book purchase is an impulse decision, then it is likely to pay off for the store (even there you need to keep in mind that crowded checkout counters can cause the casual browser to drop the book back in the shelf). On the other hand, if they think book buying is a more informed, laborious decision, then they should be locating themselves in places where they won’t get random crowd.

Of course I’m only talking about the browse-and-buy model here and not covering shops such as the erstwhile Premier Bookshop – which rely on customers who know exactly what they want and just ask for it. And of course, for a shop to locate itself in a slightly obscure location it needs to have the “pull” (of a brand name or something) in order to attract customers.

Coming to the loot:

  • The Naked Ape, Desmond Morris
  • The Great Railway Bazaar, Paul Theroux
  • The Emerging Mind, VS Ramachandran
  • The Flight of the Creative Class, Richard Florida
  • Panic, Michael Lewis
  • A Splendid Exchange (How Trade Shaped the World), Willian Bernstein
  • Gang Leader For A Day, Sudhir Venkatesh
  • The Bowler’s Holding the Batsman’s Willey (humorous sporting quotes collection), Geoff Tibballs
  • Musicophilia, Oliver Sachs
  • The Oxford Book of Modern Science Writing, Edited by Richard Dawkins
  • When Genius Failed (LTCM), Roger Lowenstein
  • Ramayana, a modern rendition, Ramesh Menon
  • The Rise and fall of the third chimpanzee, Jared Diamond
  • Bhairavi, the global impact of indian music, Peter Lavezzoli
  • The Real Price of Everything (collection of 6 economics classics – fundaes by adam smith, david ricardo, etc.), Edited by Michael Lewis
  • Predictably Irrational, Dan Ariely
  • The Universal History of Numbers (Part 1 and 2), George Ifrah (didn’t buy part 3 since it seemed full of CS fundaes)
  • A Maidan View, Mihir Bose
  • The States of Indian Cricket, Ramachandra Guha
  • The Bhagavad Gita, Royal Science of God-Realization, Paramahamsa Yogananda
  • Autobiography of a Yogi (Kannada translation), Paramahamsa Yogananda (mom and aunt asked for it)

People, thanks for your recommendations. And once I’m done reading these books, I might be open to lending them (provided I trust you to return them, of course).

Opportunity Costs

The concept of opportunity costs seems to be non-trivial, in the sense that most people don’t seem to get it. When I first learnt it as part of my Economics course at IIT Madras, I thought it was fairly common sense. However, looking around at a variety of people, it doesn’t seem to be that common.

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Discounting at megamart

Megamart (the discount chain run by Arvind Brands) has a really weird discount policy. Usually, the discounting mechanism that clothing stores follow is progressive discounting – the more you buy the more discount you get. In fact, even Megamart was following this practice a few months back. “Buy one get 20% off; buy two and get 30% off” and so on. This kind of discounting encourages more sales per footfall, and so the discount is worth it.

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Protect The Chain, But At What Cost?

Recently the West? Bengal State Marketing Board chairman Naren Chatterjee had to say this about Metro?s entry into the state, ?have heard that they will sell directly to the trade then what will happen to the people in the chain, they will become jobless. We will not allow any one who disturbs the chain.? Similar protests have been on against organized retail, and competition in the agricultural supply chain in various parts of the country.

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